Willis Re has announced the launch of a wildfire risk score that can be used throughout the US to evaluate location-level wildfire risk, and how that risk correlates to a company’s portfolio-level wildfire exposure.
The recent wildfires in California revealed that many carriers aren’t fully aware of their wildfire risk – largely due to models that don’t accurately represent the danger, according to Willis Re. In 2016, the company initiated the development of a wildfire risk score and it has now partnered with SpatialKey, a leading data-enrichment and geospatial analytics company for the property-casualty industry to enhance the scoring model in order to deliver it to clients at their point of quote.
“The Willis Re Wildfire Score provides the framework for our clients to achieve meaningful portfolio and underwriting improvements with the least amount of disruption,” said Vaughn Jensen, executive vice president at Willis Re. “We are pleased to extend the scope of our partnership with SpatialKey and continue to explore how collectively we can deliver superior value to our clients.”
“At SpatialKey, we help clients enable, enrich, and analyze data across underwriting, exposure management, and claims workflows,” said Tom Link, founder and CEO of SpatialKey. “Our insight hub brings together expert content from over 20 data providers across multiple perils into a single platform. This initiative with Willis Re extends the reach of our underwriting platform and allows Willis Re to quickly, contextually, and flexibly deploy hazard data to their clients at their point of quote. We are excited to explore how we can bring operational efficiency to the market through our partnership.”